U.S. Tax-Switch Clampdown Scares European Equity Investors as Indices Tumble
European indices plunge amid fears that a Treasury and IRS clampdown on companies striking takeover deals to cut their tax bills will stem the tide of American dealmaking in Europe.
European stock indices plunge amid fears that a Treasury and IRS clampdown on companies striking takeover deals to cut their tax bills will stem the tide of American dealmaking in Europe. In London U.K. pharmaceuticals and healthcare companies including AstraZeneca, Shire and Smith & Nephew tumble. But a new transatlantic deal in the agrichemicals sector beckons as Norway’s Yara International discloses “merger of equals” talks with Illinois peer CF Industries to create a company with combined sales of about $20 billion that would be better able to compete with Chinese rivals.
